Williamson Financial Services reported a net loss of ₹44.20 crore for FY26, a slight improvement from the ₹44.47 crore loss recorded in the previous year. The company’s total income stood at ₹149.78 crore, driven primarily by other income rather than core operations.

Financial Performance

The company's revenue from operations declined to ₹54,000 from ₹93,000 in FY25. This drop was attributed to lower recovery of interest income compared to the prior year. Despite the minimal operational revenue, other income surged significantly to ₹149.72 crore, up from ₹92.46 lakh in FY25. This spike was largely due to provision write-backs, including ₹148.68 crore from non-performing assets.

Total expenses rose sharply to ₹193.96 crore from ₹53.83 crore in the previous year. Finance costs decreased to ₹91,000 from ₹6.08 lakh, while employee benefits expenses increased slightly to ₹18.44 lakh. Other expenses accounted for the bulk of the increase, reaching ₹192.02 crore.

Regulatory Developments

A significant development post-closure of the financial year is the cancellation of the company's Non-Banking Financial Company (NBFC) license. The Reserve Bank of India (RBI) issued an order on June 22, 2026, cancelling the certificate of registration under Section 45-IA of the RBI Act, 1934. The company received the notice on June 24, 2026, and is contemplating filing an appeal with the RBI in Guwahati for restoration of the license.

Auditor Qualifications

The statutory auditors, V. Singhi & Associates, issued a qualified opinion on the financial statements. Key qualifications include:

• Non-recognition of Interest Expense: The company did not recognize interest expense of ₹349.79 crore on inter-corporate borrowings, citing ongoing disputes and negotiations with lenders.
• Non-Recognition of Provision on Loans: The auditors noted that provisions against doubtful loans were not made in accordance with RBI prudential norms, potentially understating the loss.
• Going Concern Uncertainty: Material uncertainties exist regarding the company's ability to continue as a going concern due to defaults in repayment of borrowings.

What the Numbers Show

The divergence between the negligible revenue from operations (₹54,000) and the substantial other income (₹149.72 crore) highlights that the company's current financial position is heavily reliant on accounting adjustments, specifically provision write-backs, rather than core lending activities. With the NBFC license cancelled and significant audit qualifications regarding interest recognition and loan provisioning, the reported narrowing of the net loss may not reflect underlying operational health.

Corporate Governance

The Board of Directors comprises four members as of March 31, 2026. Mrs. Jacqueline Audrey Monnier was appointed as a Non-Executive Director in May 2025, while Mr. Aditya Khaitan resigned in June 2026. The company has not declared any dividend for FY26 due to accumulated losses.

Williamson Financial Services has scheduled its 53rd Annual General Meeting for September 25, 2026. The event will be conducted via video conferencing to comply with regulatory guidelines.

The meeting is set to begin at 1:00 pm. In accordance with the Companies Act, 2013, and SEBI Listing Regulations, the company will dispense with printing physical copies of the annual report.

Meeting Logistics

Shareholders will receive the AGM notice and the Report and Accounts for FY26 electronically. These documents are also available on the company website and stock exchange portals.

E-Voting Process

National Depository Services Limited (NSDL) will facilitate remote e-voting prior to the meeting and live voting during the session. Physical shareholders must update their KYC details using Form ISR-1 submitted to Maheshwari Databatics Private Limited.

Demat shareholders should ensure their email addresses are updated with their depository participants. Members can also request user IDs and passwords by emailing NSDL directly.